Bad news for the EURO

Italy's yields rising, the EU calling the Italian budget 'unprecedented' (in a bad way) and the risk of a downgrade to Italian bonds next Friday is putting weight on the EURO. Add to this the fact that the Italian Government don't really care and want to press ahead we have a perfect storm that is likely to weigh on the EUR.

The 100 and 200 EMA above on the 15 minute chart providing some near term locations to re-enter shorts on a retracement...